I would recommend a debt collection/creditor's rights lawyer who has familiarity with the limitations of a Chapter 13 bankruptcy and how you need to petition the court to get paid.

Hey there, I’m a new investor currently collecting info on various properties in the local area and wanted to get y’alls thoughts...If one is just starting out investing with the following goals:-$5k/month cash flow within 5 years-multi-fams / single family / apartment buildings I have a combination of accumulated personal savings and over $200k available in the form of a HELOC (debt free home)What are your thoughts on buying a few multi-fams/single fams vs buying the biggest apartment building I could afford?

Pay it off as scheduled and then leave it and collect the extra cash

My client has a 2 unit multi-family home4BR/3BA and 2BR/1.5BAThe unit is fully occupied collecting $2000, but could earn more.

Can possible sub divide lot.over 5,000 sqft all brickrehab estimate- exterior 40,000... interior 20,000 per unit x 4= 80,000Total Rehab $120,000Seller Asking PRICE $175,000Present mortgage $125,000 @ 7.2% 30 year term (was originally $152,000 in 2004)No second liens2 units are occupied (don't see how with all the deferred maintenance) and supposedly collecting rents $600 eachThey originally offered a "land contract" at $175,000City assessment- based on land and structure $203,000All units are metered separately- electricity, gas, water, trash etc...The good news....pro forma base upon what I know about that area.

Not realizing that family and business don't mix, I also rented the Darby unit to my other sister. this one on the other hand treats it like her own, but with low rent being collected, there's just about $100 or less in cash-flow with the high taxes or multiple taxes from city and county in that area. 

I've actually learned a lot about note investing too, and let someone else do the underwriting, the collecting payments, and the dealing with the borrower. 

The amount collected by the IRS will go toward satisfying the debtor's amount owed to the IRS, not eliminating that amount. 

Today he mentioned it may be worth letting it go to Foreclosure.Question:I wanted to know if when going through Probate in NC if the Credit Card companies collect or generally not. 

Regarding financing @Ham Merritt is spot on with everything he's shared and he knows the Milwaukee markets and lending options extremely well - a great resource to leverage.